Insolvency
ajay
(Querist) 09 January 2016
This query is : Resolved
My friend had applied for personal loan and credit cards and was regularly paying all the loan dues, now suddenly his father was diagnosed with cancer of liver and pancreas and the family has spent more 14 lakhs on the treatment ad cannot pay the card dues for some but the creditors are harssing like anything they using high handiness to recover the dues and the family is in full tension the patient himself tried to commit suicide due to his expenses mounting ,i anted to suggest that if he files insolency then can he save himself from the creditors he stays in mumbai so pls help me to help him
Kumar Doab
(Expert) 09 January 2016
This query is also posted at:
http://www.lawyersclubindia.com/forum/Pf-131726.asp
Although the point on insolvency is not part of query in the forum.
The court does not declare insolvent just like that. There is social stigma attached with insolvency.
However you may understand the matter from an able counsel.
